Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][7]. Core Views - The internet healthcare sector is entering a stable growth phase, with online pharmaceutical retail penetration expected to accelerate. Non-pharmaceutical products like nutritional supplements and home medical devices are well-suited for online retail, while the pharmaceutical market's online penetration is still low but poised for growth due to changing consumer behaviors and regulatory support [6][27][30]. Financial Data and Profit Forecast - The company is projected to achieve revenues of RMB 27,026.56 million in FY2024, increasing to RMB 39,029.33 million by FY2028, reflecting a revenue growth rate of 0.98% in FY2024 and an average of 8.33% from FY2025 to FY2028 [2]. - Adjusted net profit is expected to rise from RMB 1,438.27 million in FY2024 to RMB 3,355.45 million by FY2028, with a significant growth rate of 91.64% in FY2024 [2]. - The report anticipates a gradual improvement in gross margin from 21.81% in FY2024 to 25.85% in FY2028, alongside an increase in return on equity (ROE) from 6.07% to 13.00% over the same period [2]. Company Overview - The company operates in three main segments: 1P pharmaceutical self-operated business, 3P pharmaceutical e-commerce platform business, and innovative healthcare and digital services [17]. - The self-operated pharmaceutical business accounted for 85.4% of the company's revenue in FY2025, while the e-commerce platform business contributed 11.7% [17]. Market Trends - The report highlights a favorable regulatory environment for online healthcare, with policies gradually promoting online medical insurance coverage and the legitimacy of internet hospitals [27][28]. - The penetration rates for nutritional supplements and home medical devices are increasing, while the pharmaceutical sector is expected to see rapid growth in online retail penetration due to evolving consumer preferences and regulatory changes [30][31]. Competitive Landscape - The competition in the internet healthcare sector is expected to stabilize, with a clear distinction emerging between B2C and O2O models. The report notes that while O2O instant retail will continue to grow, its penetration in certain product categories may remain limited [45][49]. Innovation and Growth Opportunities - The company is actively exploring AI applications in healthcare, enhancing operational efficiency and developing AI-assisted diagnostic tools. This strategic focus on AI is expected to improve service delivery and patient outcomes [52][58]. - The report also mentions the company's cloud hospital and digital service initiatives, which are anticipated to provide significant growth opportunities in the future [52].

机构：华泰证券 研究员：夏路路/代雯/侯杰 阿里健康2HFY25 总收入163 亿元，同比+16.0%，增速好于Visible Alpha(VA，口径下同)一致预期的 +12.6%，经调整净利润9.7 亿元，同比增长22.2%，逊于一致预期的11.0 亿元。在广告业务注入带来的 基数效应逐渐消失后，我们预计阿里健康未来的盈利增速将主要依赖内生业务增速驱动。 后续建议关注：1）医药电商各品类需求修复情况及竞争格局演变；2）淘宝即时零售战略进展及医药品 类近场电商发展情况；3）阿里健康医疗AI 技术进展及商业化节奏。"买入"。 广告业务并入贡献坚实增量，淘宝闪购业务发展或带来近场电商领域机会公司医药自营业务2HFY25 收 入140 亿元，同比+13.9%，增速好于一致预期的+9.1%；医药电商平台业务收入19 亿元，同比增长 43.6%，逊于一致预期的57.7%，增长主因并表广告营销业务的增量贡献。截至2HFY25 末，公司医药自 营业务SKU 数量同比+33.6%至123 万。在平台业务上，管理层表示收购广告业务后，公司对平台商家 的服务能力进一步完善，为商家带来经营回报的能力明显增强，在医药健康电商平台中更 ...

证券研究报告 阿里健康 (241 HK) 港股通 自营业务转向高质量发展 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 21 日│中国香港 | 互联网 | 阿里健康 2HFY25 总收入 163 亿元，同比+16.0%，增速好于 Visible Alpha (VA，口径下同)一致预期的+12.6%，经调整净利润 9.7 亿元，同比增长 22.2%，逊于一致预期的 11.0 亿元。在广告业务注入带来的基数效应逐渐 消失后，我们预计阿里健康未来的盈利增速将主要依赖内生业务增速驱动。 后续建议关注：1）医药电商各品类需求修复情况及竞争格局演变；2）淘宝 即时零售战略进展及医药品类近场电商发展情况；3）阿里健康医疗 AI 技术 进展及商业化节奏。"买入"。 广告业务并入贡献坚实增量，淘宝闪购业务发展或带来近场电商领域机会 盈利预测与估值 我们调整 FY26-27 经调整归母净利润预测-8.8/-8.4%至 23/26 亿元，并引入 FY28 预测新值 29 亿元。我们给予公司 35x 目标非 IFRS PE，较可比公司 2026 年均值 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 5.43 [9][10]. Core Insights - The company reported a total revenue of RMB 16.3 billion for 2HFY25, representing a year-on-year growth of 16.0%, which exceeded the consensus expectation of 12.6%. However, the adjusted net profit of RMB 970 million was below the expected RMB 1.1 billion, indicating that future profit growth will rely on organic business growth as the impact of advertising business integration diminishes [1][2]. - The management has set a revenue growth target of 5-10% for FY26, with an adjusted net profit growth target of 10-20%. The focus will be on enhancing merchant empowerment and user experience in core businesses while exploring new growth avenues in innovative sectors like medical AI [4][5]. Revenue and Profit Forecast - The company’s revenue is projected to reach RMB 33.6 billion in FY26, with a year-on-year growth rate of 9.9%. The adjusted net profit is expected to be RMB 2.2 billion, reflecting a growth rate of 17.6% [14][16]. - The adjusted net profit margin is forecasted to improve to 6.8% in FY26, up from previous estimates, indicating better operational efficiency [14][15]. Business Segments Performance - The self-operated business generated RMB 14 billion in revenue for 2HFY25, a year-on-year increase of 13.9%, outperforming the consensus estimate of 9.1%. The e-commerce platform business saw revenue of RMB 1.9 billion, growing 43.6% year-on-year, although it fell short of the expected 57.7% growth [2][3]. - The management highlighted that the integration of advertising business has enhanced service capabilities for platform merchants, leading to improved operational returns and competitiveness in the pharmaceutical e-commerce sector [2][3]. Valuation and Market Position - The company is assigned a target non-IFRS PE of 35x for FY26, which is a premium compared to the average of 16.2x for comparable companies, reflecting the company's ongoing market share acquisition and potential in medical AI [5][16]. - The target price has been revised to HKD 5.43 from a previous value of HKD 4.4, indicating a positive outlook based on the company's growth trajectory and market positioning [5][16].

21世纪经济报道记者 闫硕 北京报道 5月19日，阿里健康发布2025财年业绩公告，截至2025年3月31日，集团实现营收305.98亿元，同比增长 13.2%；净利润14.32亿元，同比增长62.2%；调整后净利润为19.5亿元，同比增长35.6%，调整后净利润 率从5.3%提升至6.4%。 从收入结构来看，阿里健康仍以医药电商收入为主。"收入增加主要由于报告期内医药自营业务、医药 电商平台业务稳健发展所致。"阿里健康在财报中表示。具体而言，医药自营业务收入261.24亿元，同 比增长10.0%；医药电商平台业务收入则为35.88亿元，同比增长54.0%。而医疗健康及数字化服务业务 收入为8.85亿元，同比下降7.6%。 作为一家背倚阿里巴巴的平台型企业，阿里健康拥有巨大C端流量和完善的配送网络，在医药电商市场 竞争中优势突出。但也需要指出，近年来，随着技术的发展，互联网医疗业态也在持续扩容，以美团为 代表的医药O2O模式对阿里健康形成了冲击。 与此同时，随着互联网医疗行业的快速发展，越来越多的企业选择入局，如何巩固自身的市场地位成为 阿里健康亟待回答的问题。 业绩持续增长 近些年，在相关政策的推动下，医保 ...